Emefiele Versus Powerful Forces -By Ibrahim Mustapha Pambegua

The Governor of Central Bank, Goodwin Emefiele, has been in bad news recently. There was speculation that the department of state security (DSS), has reached out to federal high court, Abuja to obtain warrant to arrest the governor based on allegations bordering on terrorism financing and economy crimes. Emefiele who spent his annual leave abroad returned to the country on Monday amidst rumours of his arrest. However, in what seemed to be an order from the above, DSS has denied any attempt to arrest the apex bank’s governor. While the allegations against the governor are grave, the timing seems suspicious. It emanates few months after CBN under his watch comes up with policies aimed at saving the country’s economy from collapse. The naira re-designed policy which is geared towards phasing out the old notes and replace them with new ones had met up with stiff opposition from some powerful forces, including the national assembly. Interestingly, Emefiele who enjoys the support of Mr president, has weathered the tumultuous intrigues’ storm. 

  It started with an alarm raised by the CBN governor last year that, trillions of naira were outside the banking sector. The report had scared any right thinking Nigerian. It has shown that some corrupt government officials and their cohorts have stockpiled their houses with stolen monies. These uncirculated illicit funds are mostly proceeds of corruption. Their absence in Banking vaults have negative effects to the economy, as commercials banks do not have sufficient or adequate funds to give loans to Nigerians. This has resulted to economy stagnation. Little wonder, the country in recent times, recorded high rate of poverty and unemployment. Therefore, the decision of the CBN to force these currencies back to banks is being viewed as an afront by economy saboteurs. I am not saying the CBN governor is saint or not guilty of the charges against him. He should come out and clear his name from the controversial corruption allegations on stamp duties and $53 millions judgement debt arising from Paris club refund. Beyond that, what I see in Emefiele current travails, is corruption fighting back. Those who corruptly enriched themselves and stashed billions of naira are stampeded that, CBN new policy will expose their dirtiness. With the EFCC officials keeping vigil to arrest suspected corrupt depositors, the dark forces who are afraid to loose their loots will fight back even dangerously.

Besides, the CBN governor through his cashless policy, is going to step on the toes of many money bags politicians. With few weeks to the general elections and INEC commitment to conduct free and fair election, the cashless policy being currently implemented by the CBN, will make it hard for politicians to engage in votes buying. Of course, Nigerian democracy is highly monitised. In many elections conducted in the country, Nigerians witnessed the incidence of votes buying. Politicians use their agent to bribe electorates and influence the outcome of the elections. While votes buying is a serious electoral offence punishable by laws, our desperate politicians are not ready to stop the practice. With cashless policy, funds that can be transferred for votes buying will be easily monitored and evidences established. Our politicians will not be comfortable with CBN governor’s new policy and can go after him, including sponsoring spurious allegations or trump up charges against him. 

Unless the CBN governor has skeleton in his cupboard, president Muhammadu Buhari, whose tenure has come to an end, should support his ongoing monetary policies reform. The administration war against corruption which has failed integrity test can be redeemed. The monster of corruption bedevil the country has defied the jaw of police, court, ICPC and EFCC. It seems the CBN has finally found the magic wand. Let Nigerians support it.

Ibrahim Mustapha Pambegua, Kaduna state 08169056963.